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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ (40.2) $ 58.1
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
MSR valuation adjustment, net increase (decrease) 90.3 (7.2)
Increase (Decrease) in Derivative Assets and Liabilities (29.0) (23.3)
Provision for (reversal of) representation and warranty obligations 2.9 (3.2)
Loss on sale of MSRs, net 0.2 0.1
Provision for bad debts (advances and receivables) 5.7 4.1
Depreciation 1.8 2.6
Amortization of debt issuance costs and discount 2.8 2.5
Amortization of intangibles 1.5 0.6
Equity-based compensation expense 2.1 (0.1)
Net loss (gain) on valuation of loans held for investment and HMBS-related borrowings (14.2) 3.1
Earnings of equity method investee (0.3) (12.0)
Distribution of earnings from equity method investee 0.3 12.0
Loss (gain) on loans held for sale, net (2.8) 3.2
Origination and purchase of loans held for sale (2,552.4) (3,472.6)
Proceeds from sale and collections of loans held for sale 2,312.3 3,600.9
Changes in assets and liabilities:    
Decrease in advances, net 62.8 27.3
Increase in receivables and other assets, net (28.3) (9.9)
Increase (decrease) in other liabilities (20.5) 15.4
Other, net (2.4) (3.5)
Net cash provided by (used in) operating activities (207.4) 198.2
Cash flows from investing activities    
Origination of loans held for investment (235.3) (620.2)
Principal payments received on loans held for investment 236.1 519.0
Acquisition of loans held for investment, net 0.0 (3.6)
Purchase of MSRs (30.4) (64.3)
Proceeds from sale of MSRs 0.3 134.3
Proceeds from sale of advances 4.6 0.0
Additions to premises and equipment (1.1) (1.4)
Purchase of real estate (0.5) (0.2)
Proceeds from sale of real estate 0.8 2.1
Proceeds from sale of premises and equipment 0.1 0.0
Distribution from (investment in) equity method investee, net 5.5  
Distribution from (investment in) equity method investee, net   (11.6)
Other, net 0.0 0.4
Net cash provided by (used in) investing activities (19.9) (45.7)
Cash flows from financing activities    
Repayment of advance match funded liabilities, net (43.8) (15.0)
Repayment of other financing liabilities (21.8) (28.4)
Proceeds from (repayment of) mortgage loan warehouse facilities, net 245.6 (126.0)
Proceeds from MSR financing facilities 144.4 114.2
Repayment of MSR financing facilities (183.3) (121.0)
Payment of debt issuance costs 0.0 (0.9)
Proceeds from other financing liabilities - Sale of MSRs accounted for as secured financing 3.3 39.8
Proceeds from other financing liabilities - Excess Servicing Spread (ESS) liability 68.7 0.0
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 231.2 583.9
Repayment of HMBS-related borrowings (235.3) (517.4)
Net cash provided by (used in) financing activities 209.0 (70.9)
Net increase (decrease) in cash, cash equivalents and restricted cash (18.3) 81.6
Cash, cash equivalents and restricted cash at beginning of year 274.2 263.4
Cash, cash equivalents and restricted cash at end of period 255.9 345.0
Supplemental non-cash investing and financing activities:    
Loans held for investment acquired at fair value 0.0 224.1
HMBS-related borrowings assumed at fair value 0.0 (219.5)
Purchase price holdback 0.0 (0.9)
Net cash paid to acquire loans held for investment 0.0 3.7
Right-of-use asset 0.6 8.1
Lease liability 0.6 8.1
Transfers of loans held for sale to real estate owned (REO) 4.4 0.4
Supplemental information - Sale and deconsolidation of subsidiary    
Cash and cash equivalents 216.6 268.7
Debt service accounts 21.5 13.1
Other restricted cash 17.8 63.2
Total cash, cash equivalents and restricted cash reported in the statements of cash flows $ 255.9 $ 345.0